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Media Advisory - Last minute tax tips

TORONTO, April 30 /CNW/ -
- Even if you can't pay your balance owing, file your tax return by the
deadline. It will save you the late filing penalty.
- Make sure you or your spouse or common-law partner file a tax return
on time if you want to begin or continue receiving the Canada Child
Tax Benefit payment.
- If you disposed of a capital property such as shares or mutual funds,
you must file a return to report the capital gain or loss.
- Any earned income you report on a tax return is included in the
calculation of your RRSP contribution amount for next year. Any unused
contribution room is carried forward.
- If you or your spouse are self-employed, you have until June 15 to
file a return. However, if you have a balance owing, the CRA will
charge you interest on the outstanding balance as of April 30.
- The CRA charges two per cent more on amounts you owe them than amounts
they owe you. So if you don't have the money to pay them, you should
be able to arrange a line of credit with a bank on more favourable
terms.
A local H&amp;R Block tax professional can talk about more last minute tax
tips.
About H&amp;R Block Canada
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H&amp;R Block Canada prepares nearly two million tax returns annually, making
it Canada's leading tax preparation firm. Headquartered in Calgary, Alberta,
the company serves Canadian taxpayers in more than 1,000 offices across the
country. H&amp;R Block Canada Inc. is a subsidiary of H&amp;R Block, Inc., a
diversified company with subsidiaries providing a wide range of financial
products and services. Additional information about H&amp;R Block Canada is
available at 1-800-HRBLOCK or visit www.hrblock.ca for more tax tips.